Barclays has issued a major boost as rent and mortgage costs stabilised in June as energy bills look continue to fall. Barclays found consumer spending on utilities fell 15.6 per cent in June, with further declines predicted following the energy price cap decrease on 1 July.
Barclays Property Insights combines transaction data from millions of Barclays current accounts with consumer research to provide an in-depth look at UK housing costs. Mark Arnold, Head of Savings and Mortgages at Barclays, said: “Our latest spending figures paint an encouraging picture for UK consumers – rent and mortgage payments are stabilising, energy bills are coming down, and confidence is on the up.
“However, we’re yet to see this translate into spending on sprucing up homes and gardens, with most household categories still in decline. Now that summer has arrived, retailers will be hoping that the warmer weather can unlock that pent-up demand.
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“The research also reveals how prospective tenants can stand out in a crowded market by highlighting sought-after attributes such as willingness to take good care of the property and having strong character references. Meanwhile, landlords looking to upgrade their properties can choose from a range of desirable improvements, many of which don’t require significant remodelling, such as damp-proofing, installing double-glazing, and sourcing faster internet.”
Phil Spencer, TV property expert, said: “Given the uncertainty around the housing market in recent months, understandably both renters and homeowners will want to avoid surprises when it comes to the standards and upkeep of their property.
“With fierce competition for accommodation, renters should think carefully about how to make their application stand out if they want to secure their non-negotiables, such as a private garden or a parking space. Similarly, landlords face competition when it comes to appealing to top-tier renters, who can offer more than simply matching the asking price – a little investment now to secure stable, long-term tenants could pay off if it means spending less money down the line on repairs and having fewer gaps between occupants.”
